A new KPMG analysis reveals that Generation X has surpassed Baby Boomers as the generation with the most housing wealth in Australia. While Boomers remain the wealthiest overall, their declining property holdings and increasing sales are contributing to Gen X's rise. Millennials, on the other hand, lag significantly behind in terms of housing and overall wealth accumulation.
A new analysis by KPMG released this morning has found that while the oldest generation once had the most holdings, they've now been passed by Generation X as housing is both sold off by Boomers and inherited by their children. ' Baby Boomers have historically been the largest holders of housing assets, but as this cohort ages into retirement they are beginning to sell down their property portfolios', KPMG urban economist Terry Rawnsley said.
Baby Boomers remain Australia's wealthiest generation, but they no longer have the most in property holdings. But while Gen X's share of property holdings is increasing, KPMG's findings laid bare the difference in homeownership between younger and older Australians. Generation X has, on average, $1.31 million in housing wealth, followed closely by Baby Boomers at $1.30 million. Millennials, by comparison, have $750,000 on average despite many of them being in their mid to high 30s – older than the age of an average first-home buyer in previous generations. 'While the starter's gun has been fired on the great wealth transfer, our findings still demonstrate a clear disparity in housing wealth between older and younger generations,' Rawnsley said.Instead, it's Gen X who own the most in housing, with younger generations lagging far behind. There's a similar picture when it comes to shares, with Gen X and Baby Boomers ($256,000 and $206,000 respectively) well ahead of their Millennial and Gen Z counterparts ($51,000 and $7000 respectively). In terms of cash and deposits, Boomers have comfortably the most with $242,000, helping them to the highest net wealth of all the generations at $2.31 million, well ahead of Gen X ($1.88 million), Millennials ($757,000) and Gen Z ($96,000). 'These net worth figures highlight the wealth accumulation lifecycle, where older generations have had more time to build assets and pay down debt,' Rawnsley sai
Finance GENERATION X BABY BOOMERS PROPERTY HOLDINGS WEALTH AUSTRALIA
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